Second charge mortgage new business volumes fell by 26% in December 2020

Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer & Mortgage Finance at the Finance & Leasing Association (FLA), said: “The second charge mortgage market has seen new business levels gradually pick up since the crisis-low reported in May 2020. The quarterly rate of contraction has eased – compared with the same period in 2019, new business volumes fell by 73% in Q2 2020, by 52% in Q3 2020, and by 30% in Q4 2020. With consumer confidence expected to improve as 2021 progresses, demand in this market is expected to increase.”